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Explain the business assets Withdrawal
Withdrawal (Drawing) is removal of business assets for personal use by owner. This transaction decreases the asset taken and value of the business.
Every transaction increases or decreases (or both) fundamental elements in accounting equation.
Effect of recording a business transaction should always leave the two sides of the accounting equation in balance.
the consequences of non-compliance of each of the accounting concepts.
The book of Deven Verma could not be tallied. The account transferred the difference of Rs. 1.270 in the suspense account on the debit side. the following mistakes were found later
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Q. Show Effects of transaction? A prepaid insurance, asset, increases (debited) and cash, decreases (credited), asset by USD 2400. The debit is to Prepaid Insurance relatively
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